v3.26.1
Segment Information
6 Months Ended
Jun. 30, 2026
Segment Information  
Segment Information

15. Segment Information

We operate as a single business segment focused on revolutionizing care for patients with challenging respiratory and vascular diseases such as PAH and PH-ILD. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by our Chief Executive Officer, the chief operating decision maker (“CODM”), in assessing segment performance and deciding how to allocate resources on a consolidated basis. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The CODM measures segment profit and loss by net income (loss) as reported in the condensed consolidated income statements. The CODM uses net income (loss) to monitor budget and forecast versus actual results to assess segment performance and to allocate resources across the organization. The measure of segment assets is reported on the condensed consolidated balance sheet as total assets.

The following table summarizes segment revenue, segment income (loss), and significant segment expenses regularly reported to the CODM during the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, 

Six Months Ended June 30, 

2026

2025

2026

2025

Revenues:

Product sales, net

$

170,382

$

6,517

$

300,263

$

6,517

Service revenue, net

1,297

2,320

4,281

5,440

Total revenue

171,679

8,837

304,544

11,957

Cost of product sales

10,759

205

21,838

205

Cost of service revenue

791

1,292

1,564

2,809

Program expenses (1)

YUTREPIA

19,327

14,661

35,215

24,419

L606

10,777

2,793

16,599

6,061

Generic Treprostinil

9

125

(40)

276

Total program expenses

30,113

17,579

51,774

30,756

Non-program expenses (2)

 

8,801

 

5,835

 

14,998

 

9,605

Personnel, including stock-based compensation

35,698

21,431

67,349

41,512

Income (loss) from operations

 

85,517

 

(37,505)

 

147,021

 

(72,930)

Other income (expense), net

 

(3,820)

 

(4,074)

 

(8,542)

 

(7,016)

Income (loss) before income taxes

$

81,697

$

(41,579)

$

138,479

$

(79,946)

Income tax expense

 

6,975

 

 

10,895

 

Net income (loss)

$

74,722

$

(41,579)

$

127,584

$

(79,946)

(1)Includes external research and development and selling, general and administrative expenses
(2)Includes professional service fees, facilities & infrastructure expenses, insurance, depreciation & amortization, and other corporate expenses